REG - IP Group PLC - Final Results <Origin Href="QuoteRef">IPO.L</Origin> - Part 4
10/03/2015 07:14
- Part 4: For the preceding part double click ID:nRSJ9713Gc
underpin was exceeded, 100% of the 2011 LTIP awards vested on 31
March 2014.
The movement in the number of shares notionally awarded under the LTIP is set out below:
At 1 January 6,163,436 18,000,923
Forfeited during the year (144,129) (2,342,292)
Vested during the year (4,508,994) (9,495,195)
Notionally awarded during the year 2,140,180 -
Notionally awarded during the year - as part of the Fusion acquisition 1,338,000 -
At 31 December 4,988,493 6,163,436
At 31 December
4,988,493
6,163,436
The fair value of shares notionally awarded during 2014 were calculated using Monte Carlo pricing models with the following
key assumptions:
Share price at date of award £1.775 £1.775
Exercise price £nil £nil
Fair value at grant date £0.52 £0.85
Expected volatility (median of historical 50-day moving average) 32% 32%
Expected life (years) 2.83 1.83
Expected dividend yield 0% 0%
Risk-free interest rate 1.0% 1.0%
Risk-free interest rate
1.0%
1.0%
The fair value charge recognised in the statement of comprehensive income during the year in respect of share awards was
£0.9m (2013: £0.9m).
22. LIMITED AND LIMITED LIABILITY PARTNERSHIP INTERESTS
At 1 January 2013 4.0
Additions during the year 0.2
Realisations in the year (0.2)
Change in fair value during the year 0.8
At 1 January 2014 4.8
Additions during the year 0.4
Realisations in the year (1.1)
Change in fair value during the year 0.5
At 31 December 2014 4.6
At 31 December 2014
4.6
The Group considers interests in limited and limited liability partnerships to be Level 3 in the fair value hierarchy
throughout the current and previous financial years. If the assumptions used in the valuation techniques for the Group's
holding in each company are varied by using a range of possible alternatives, there is no material difference to the
carrying value of the respective spin-out company. The effect on the consolidated statement of comprehensive income for the
period is also not expected to be material.
23. RELATED PARTY TRANSACTIONS
The Group has various related parties arising from its key management, subsidiaries, equity stakes in portfolio companies
and management of certain limited partnership funds.
a) Limited partnerships
The Group manages a number of investment funds structured as limited partnerships. Group entities have a limited
partnership interest (see note 1) and act as the general partners of these limited partnerships. The Group therefore has
power to exert significant influence over these limited partnerships. The following amounts have been included in respect
of these limited partnerships:
Revenue from services 1.3 1.3
Revenue from services
1.3
1.3
Investment in limited partnerships 3.2 3.6
Amounts due from related parties - -
Amounts due from related parties
-
-
b) Key management transactions
Key management had investments in the following spin-out companies as at 31 December 2014:
Director Company name Number of shares held at 1 January Number of shares acquired/ (disposed) in the period Number of shares held at %
2014 31 December 2014
Alan Aubrey Amaethon Limited - A Shares 104 - 104 3.1%
Amaethon Limited - B Shares 11,966 - 11,966 1.0%
Amaethon Limited - Ordinary shares 21 - 21 0.3%
Avacta Group plc 20,276,113 - 20,276,113 0.4%
Capsant Neurotechnologies Limited 11,631 - 11,631 0.8%
Chamelic Limited 26 - 26 0.4%
Cloud Sustainability Limited1 19 - 19 0.5%
Crysalin Limited 1,447 - 1,447 0.1%
EmDot Limited 15 - 15 0.9%
Evocutis plc 767,310 - 767,310 0.1%
Getech Group plc 15,000 - 15,000 <0.1%
Green Chemicals plc 108,350 - 108,350 0.8%
Ilika plc 117,500 (48,210) 69,290 0.2%
Karus Therapeutics Limited 223 - 223 0.1%
Mode Diagnostics Limited - Ordinary shares 3,226 - 3,226 0.4%
Mode Diagnostics Limited - A shares - 229 229 0.5%
Modern Biosciences plc 1,185,150 - 1,185,150 1.7%
Modern Water plc 519,269 - 519,269 0.7%
Oxford Advanced Surfaces Group plc 2,172,809 - 2,172,809 1.1%
Oxford Nanopore Technologies Limited 114,420 1,246 115,666 0.5%
Oxtox Limited 25,363 - 25,363 0.1%
Plexus Planning Limited 1,732 - 1,732 0.6%
Retroscreen Virology Group plc 37,160 - 37,160 <0.1%
Revolymer plc 88,890 - 88,890 0.2%
Salunda Limited 53,639 - 53,639 <0.1%
Structure Vision Limited 212 - 212 1.0%
Surrey Nanosystems Limited 393 60 453 0.2%
Sustainable Resource Solutions Limited 30 - 30 1.3%
Tissue Regenix Group plc 2,389,259 - 2,389,259 0.4%
Tracsis plc 121,189 - 121,189 0.5%
Velocys plc 21,518 (21,518) - 0.0%
Xeros Technology Group plc 40,166 - 40,166 <0.1%
Mike Townend Amaethon Limited - A Shares 104 - 104 3.1%
Amaethon Limited - B Shares 11,966 - 11,966 1.0%
Amaethon Limited - Ordinary shares 21 - 21 0.3%
Avacta Group plc 931,367 - 931,367 <0.1%
Capsant Neurotechnologies Limited 11,282 - 11,282 0.8%
Chamelic Limited 23 - 23 0.3%
Cloud Sustainability Limited1 18 - 18 0.5%
Crysalin Limited 1,286 - 1,286 0.1%
EmDot Limited 14 - 14 0.8%
Getech Group plc 20,000 - 20,000 <0.1%
Green Chemicals plc 113,222 - 113,222 0.8%
Ilika plc 10,000 - 10,000 <0.1%
Mode Diagnostics Limited 1,756 - 1,756 0.2%
Modern Biosciences plc 1,185,150 - 1,185,150 1.7%
Modern Water plc 575,000 - 575,000 0.7%
Oxford Advanced Surfaces Group plc 932,994 - 932,994 0.5%
Oxford Advanced Surfaces Limited - 5,000 5,000 0.2%
Oxford Nanopore Technologies Limited 34,900 380 35,280 <0.1%
Oxtox Limited 25,363 - 25,363 0.1%
Retroscreen Virology Group plc 37,160 - 37,160 <0.1%
Revolymer plc 35,940 - 35,940 <0.1%
Structure Vision Limited 212 - 212 1.0%
Surrey Nanosystems Limited 350 54 404 0.2%
Sustainable Resource Solutions Limited 28 - 28 1.2%
Synairgen plc 20,000 - 20,000 <0.1%
Tissue Regenix Group plc 1,950,862 - 1,950,862 0.3%
Tracsis plc 25,430 - 25,430 <0.1%
Velocys plc 5,000 (5,000) - 0.0%
Xeros Technology Group plc 35,499 - 35,499 <0.1%
Greg Smith Avacta Group plc 390,407 - 390,407 <0.1%
Capsant Neurotechnologies Limited 896 - 896 <0.1%
Chamelic Limited 3 - 3 <0.1%
Cloud Sustainability Limited1 6 - 6 0.2%
Crysalin Limited 149 - 149 <0.1%
EmDot Limited 4 - 4 0.2%
Encos Limited 5,671 - 5,671 0.3%
Getech Group plc 8,000 - 8,000 <0.1%
Green Chemicals plc 4,830 - 4,830 <0.1%
Mode Diagnostics Limited - Ordinary shares 361 - 361 <0.1%
Mode Diagnostics Limited - A shares - 28 28 <0.1%
Modern Biosciences plc 313,425 - 313,425 0.6%
Modern Water plc 7,250 - 7,250 <0.1%
Oxford Nanopore Technologies Limited 1,500 - 1,500 <0.1%
Retroscreen Virology Group plc 61,340 - 61,340 0.1%
Revolymer plc 4,500 - 4,500 <0.1%
Summit Therapeutics plc2 798 - 798 <0.1%
Surrey Nanosystems Limited 76 12 88 <0.1%
Sustainable Resource Solutions Limited 9 - 9 0.4%
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